Various risks are associated with launching a new product from the design inception phase to market launch. The entire process can be quite intimidating for businesses, especially for small companies and startups. It is estimated that every year around 90% of the products launched fail. The major reason behind product failure is that these businesses do not have a meticulous marketing strategy in place – some don’t know of the digital marketing practices they should be using for their new product. The smart move here is to hire an online marketing agency to help you formulate a well-planned digital marketing strategy.
This blog will help you understand the important steps you need to take to ensure that your next product launch is the start of a wonderful journey and not a fiasco for your business.
Market Landscape Research
Before launching any new product or service, you must carry out thorough market research to define your business competitors and potential buyers. This will help you in coming up with a strategy to reach your target audience and will greatly increase the likelihood of your product’s successful launch. Research for your digital market plan should address the following questions:
- Why are you launching a new product?
- Do you have any market competitors?
- Who does the new product target?
- How will you present the product to the customers?
- What will be the potential concerns of your potential customers?
- How will you ensure that people buy the product?
- How are you going to measure the success of your new product?
When launching a new product, you must take some time to research your competition, audience, distribution, and buying journey to avoid wasted resources and surplus products in your inventory.
Build A Strong Online Foundation
With the increase in digital platforms in the last few years, more people are moving their businesses online. More and more companies are boosting their online presence to sell their products online with advertising, catalogs, and e-commerce options. The common thought behind this is to engage with thousands collectively and avoid limiting their marketing solely to word-of-mouth. Therefore, you must ensure that your business’s online presence spans all important platforms – primarily your website and other social media such as Facebook, Instagram, etc.
Update Your Website
All manufacturers and companies need to have a well-organized product catalog available for their buyers online. By helping your customers with their online shopping experience by offering a product catalog, you will generate more leads, and a well-developed website will help you achieve that. Adopt relevant SEO techniques to optimize your website regularly, so it lands on the first page of a search engine. A seamless online product journey may drive more sales and enhance your relationship with your vendors. Updating relevant and new content on your business’s website increases the Google ranking of your website.
Set A Product Promotion Plan
You need to figure out why customers should purchase your product to plan how to advertise your product. Your product promotion plan should include the reason for raising awareness in the market. Product preparation and selling are two separate processes that require different actions to be taken that include determining what strategies to adopt, e.g., inbound, content, video, and email marketing. Other promotional methods include social media campaigns and traditional advertisements.
Another approach is to go through different digital marketing case studies to see the marketing strategies applied by those businesses that have made their products successful in the market. Instead of relying on a passive word-of-mouth approach, e.g., phone calls, you should take more proactive actions and invest in inbound marketing.
Right Timing For Announcements
If you think that your product is ready for launch, then you need to be careful about the timing for promotional announcements. Study your competitors and other companies to check if they are getting ready for a product launch as well. You need to be sure that you are releasing your new product at the right time to optimize the product launch and sales.
If you are not sure about your launch date and how to announce your new product, there are various digital marketing agencies with a team of experts that can help you achieve your products management objectives.
Reach First makes it easy for businesses to market and launch their brand globally. We use dynamic and innovative digital and social media marketing strategies. To get in touch with us, click here.